CPI Condor Petroleum Inc

Condor Petroleum Inc. ("Condor" or the "Corporation") (TSX:CPI) is pleased to
announce the release of its Consolidated Financial Statements for the years
ended December 31, 2011 and 2010, together with the related Management's
Discussion and Analysis ("MD&A"). These documents will be made available under
Condor's profile on SEDAR at www.sedar.com and on the Condor website at
www.condorpetroleum.com. All financial amounts in this press release are
presented in Canadian dollars. The Consolidated Financial Statements have been
prepared in accordance with International Financial Reporting Standards
("IFRS"). Further details on Condor's conversion to IFRS are provided in the
Financial Statements and MD&A.


2011 highlights include:

A number of important milestones were reached during the year ended December 31,
2011. Following a fully subscribed private placement in December 2010, which
raised gross proceeds of $45.0 million, the Company completed a fully subscribed
Initial Public Offering ("IPO") in April 2011 and raised gross proceeds of $80.0
million. In connection with the IPO, the common shares of Condor commenced
trading on the Toronto Stock Exchange ("TSX"). In May, 2011, the Company raised
additional gross proceeds of $7.6 million pursuant to the exercise of an
over-allotment option related to the IPO. The net proceeds from these
financings, less agent fees and transaction costs, amounted to $123.8 million
and will fund the Company's operations and planned capital programs through
2012.


The exploration drilling program which kicked off in March 2011 at the Zharkamys
West 1 ("Zharkamys"), in which Condor has a 100% interest, resulted in a
discovery at the Shoba oilfield which provided the Company its first booking of
probable oil reserves in Kazakhstan. The Shoba discovery also led to the
Company's first test oil production in Kazakhstan which is expected to
transition into sustained production during 2012. Subsequent oil discoveries
were also made at Ebeity and Taskuduk West.


The Company continued with its full block exploration strategy at Zharkamys
highlighted by an additional 1,282 km2 3D seismic acquisition program during the
year and both pre-stack time migration and pre-stack depth migration processing
of the 1,250 km2 3D seismic acquired during 2010. High fold, high resolution 3D
seismic now covers 87% of the territory and will allow the Company to focus the
future Zharkamys capital program on high impact, low cost drilling exploration
and appraisal opportunities.


Condor plans to drill up to 14 additional wells at Zharkamys during 2012,
including 10 exploration wells (5 deep and 5 shallow) and 4 Shoba appraisal
wells. A drilling rig is currently mobilizing to initiate the Shoba appraisal
program and then continue with the exploration program. A second drilling rig is
also envisioned to commence exploration drilling in the second half of 2012.


In the first quarter of 2012, the Company signed a Letter of Intent to purchase
a 90% interest in an existing oil terminal located 12 kilometers northwest of
Zharkamys. In additional to providing oil storage, this facility has a rail spur
that ties into the main rail line between Aktobe and Atyrau, and should expand
the Company's future oil marketing options.


Exploration activities continued at the Marsel territory in which the Company
owns a 66% interest, highlighted by the acquisition of 900 km of 2D seismic and
the Asa-1 exploration well which was spud in late November 2011, results of
which are expected in April 2012.


Condor's non-core Canadian properties continue to provide positive cash-flow
despite minimal capital expenditures and production has remained relatively
steady with gradual natural declines.




 Selected information                                                       
-------------------------------------------------                           
                                                                            
  For the year ended December 31 (000's)             2011     2010  2009(1) 
  --------------------------------------------------------------------------
  Gross petroleum and natural gas sales             3,998    3,327    3,025 
  Net loss attributable to Condor Petroleum Inc.  (12,439) (11,742)  (8,299)
  Net loss per share - basic and diluted            (0.04)   (0.06)   (0.05)
  Capital expenditures                             48,201   35,339   15,474 
----------------------------------------------------------------------------
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  As at December 31 (000's)                                                 
----------------------------------------------------------------------------
  Total assets                                    206,170  129,775   57,586 
  Total long term financial liabilities             3,109    3,093   20,452 
----------------------------------------------------------------------------
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  (1) Prepared in accordance with Canadian GAAP                             



About Condor Petroleum Inc.

Condor is an oil and gas corporation engaged in the exploration for, and the
acquisition, development and production of oil and natural gas in Kazakhstan and
Canada. Condor holds a 100% interest in the oil and natural gas exploration
rights to the 2,610 km2 Zharkamys West 1 territory located in Kazakhstan's
Pre-Caspian basin, a 66% interest in the oil and natural gas exploration rights
to the 18,500 km2 (gross) Marsel territory located in Kazakhstan's Chu-Sarysu
basin and operates certain properties in Alberta and Saskatchewan and holds
non-operated working interests and royalty interests in a number of other
properties in Alberta.


Forward-Looking Statements

Certain statements in this news release constitute forward-looking statements
under applicable securities legislation. Such statements are generally
identifiable by the terminology used, such as "anticipate'', "believe'',
"intend", "expect", "plan", "estimate", "budget'', "outlook'', "may", "will",
"should", "could", "would" or other similar wording. Forward-looking information
in this news release includes, but is not limited to, information concerning the
timing and ability to obtain various regulatory approvals; the timing of planned
well testing, production and drilling operations; the expectations, timing and
ability of the Company to mature and drill future targets and prospects; reserve
estimates, the timing and ability of the Company related to the acquisition of
seismic data and its proposed use thereof, expected costs of the Company's
capital program, information concerning the status of the letter of intent,
expected completion of the transaction provided for in the letter of intent and
the potential expansion of oil marketing options, together with the timing
associated therewith. By its very nature, such forward-looking information
requires Condor to make assumptions that may not materialize or that may not be
accurate. Forward-looking information is subject to known and unknown risks and
uncertainties and other factors, which may cause actual results, levels of
activity and achievements to differ materially from those expressed or implied
by such information. Such factors and assumptions include, but are not limited
to: satisfaction of the conditions to, and completion of, the purchase of the
oil storage and rail terminal; the results of exploration and development
drilling and related activities; imprecision of reserves and resources
estimates; ultimate recovery of reserves; prices of oil and natural gas; general
economic, market and business conditions; industry capacity; competitive action
by other companies; fluctuations in oil and natural gas prices; the ability to
produce and transport crude oil and natural gas to markets; the effects of
weather and climate conditions; fluctuation in interest rates and foreign
currency exchange rates; the ability of suppliers to meet commitments; actions
by governmental authorities, including increases in taxes; decisions or
approvals of administrative tribunals; changes in environmental and other
regulations; risks attendant with oil and gas operations, both domestic and
international; international political events; expected rates of return; and
other factors, many of which are beyond the control of Condor. Capital
expenditures may be affected by cost pressures associated with new capital
projects, including labour and material supply, project management, drilling rig
rates and availability, and seismic costs. These factors are discussed in
greater detail in filings made by Condor with Canadian securities regulatory
authorities.


Readers are cautioned that the foregoing list of important factors affecting
forward-looking information is not exhaustive. Furthermore, the forward-looking
information contained in this news release is made as of the date of this news
release and, except as required by applicable law, Condor does not undertake any
obligation to update publicly or to revise any of the included forward-looking
information, whether as a result of new information, future events or otherwise.
The forward-looking information contained in this news release is expressly
qualified by this cautionary statement.

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